Question 1

How much do your bookkeeping services cost?

Accepted Answer

Our bookkeeping packages start at $200 per month, with options available for startups, growing businesses, and established companies. Pricing depends on the level of support required, transaction volume, payroll requirements, reporting needs, and additional services. For detailed pricing, visit our Pricing page or book a free consultation.

Question 2

Which bookkeeping package is right for my business?

Accepted Answer

The right package depends on your business size, transaction volume, number of employees, reporting requirements, and compliance needs. Cost Saver Package is designed for startups and small businesses. Standard Package is designed for growing businesses. Premium Package is designed for established businesses looking for a more complete outsourced accounting solution. If you're unsure which package is right for you, we can help assess your needs during a free consultation.

Question 3

Can I upgrade or downgrade my package?

Accepted Answer

Yes. As your business grows or your needs change, you can upgrade or downgrade your service package with 30 days' written notice. Our goal is to provide flexibility while ensuring you continue to receive the support your business requires.

Question 4

Are there any long-term contracts?

Accepted Answer

No. Most services do not require long-term contracts. We offer flexible service arrangements and transparent pricing. Eligible services can be cancelled with 30 days' written notice.

Question 5

Do you offer a free trial?

Accepted Answer

Yes. Eligible recurring services include a 14-day free trial, allowing businesses to experience our services before making a longer-term commitment. Contact us to determine whether your preferred service qualifies.

Question 6

Are there any hidden fees?

Accepted Answer

No. We believe pricing should be clear and transparent. Any services outside the agreed scope will be discussed and approved before additional charges are incurred.

Question 7

Do you offer custom pricing?

Accepted Answer

Yes. Some services are quoted based on scope and complexity, including: Practice Management Advisory, Software Automation & Integration, Technology Assessments, Advanced Tax Planning, Review Engagements, and Audit Engagements.

Question 8

What payment options do you offer?

Accepted Answer

Most recurring services are billed monthly. Annual pricing discounts are available for eligible packages and service plans. Additional billing details can be discussed during onboarding.

Question 9

What happens if my business grows?

Accepted Answer

Our service structure is designed to support business growth. As your needs change, we can adjust support levels, reporting requirements, payroll services, compliance support, virtual accountant assistance, and technology solutions accordingly.

Question 10

Why outsource bookkeeping instead of hiring an employee?

Accepted Answer

Outsourcing can provide access to bookkeeping, payroll, tax, compliance, reporting, and advisory support without the costs associated with recruiting, salaries, benefits, training, supervision, and employee turnover. Many businesses choose outsourced solutions because they provide flexibility, scalability, and specialized expertise.

Question 11

Do I need a professional bookkeeper?

Accepted Answer

A professional bookkeeper helps ensure your financial records remain accurate, organized, and up to date. Proper bookkeeping supports better financial reporting, tax compliance, cash-flow visibility, and informed business decisions. Many business owners initially manage bookkeeping themselves, but as transaction volume increases, outsourcing bookkeeping can save time and reduce administrative stress.

Question 12

Can you help if my bookkeeping is behind?

Accepted Answer

Yes. We provide catch-up bookkeeping services for businesses that are behind on reconciliations, reporting, payroll records, sales tax filings, or general bookkeeping maintenance. Whether you're behind by a few months or several years, we can help organize records and bring your books up to date.

Question 13

How often will my bookkeeping be updated?

Accepted Answer

This depends on your service package and business requirements. Most clients receive ongoing monthly bookkeeping support, while businesses with higher transaction volumes may require more frequent processing and reporting. During onboarding, we determine the bookkeeping schedule that best fits your needs.

Question 14

Can you manage payroll and GST/HST filings?

Accepted Answer

Yes. We can assist with payroll processing, payroll remittances, T-slip preparation, GST/HST filing, and other recurring compliance requirements. The level of support depends on your selected service package or custom engagement.

Question 15

Can you work with my existing accountant?

Accepted Answer

Absolutely. Many clients continue working with their current accountant while outsourcing bookkeeping functions to us. We can support your accountant by maintaining accurate records, preparing reconciliations, organizing documentation, and providing year-end information.

Question 16

What bookkeeping software do you support?

Accepted Answer

We support a wide range of bookkeeping, payroll, reporting, document management, and business applications. This includes popular platforms such as: QuickBooks Online, QuickBooks Desktop, Xero, Sage, FreshBooks, Wave, and Odoo. For software-specific solutions, visit our Software Automation & Integration Services page.

Question 17

Do you work with e-commerce businesses?

Accepted Answer

Yes. We support businesses that sell products and services online. Our services can assist with bookkeeping, reconciliation of e-commerce transactions, sales tracking, platform fees, GST/HST considerations, and reporting requirements related to online business operations.

Question 18

How do we share documents and information?

Accepted Answer

We typically use digital document-sharing processes that allow clients to provide financial information, invoices, receipts, payroll records, tax documents, and other supporting information. The exact process is discussed during onboarding and tailored to your preferred workflow.

Question 19

Can I switch to M Fintech and Accounting from my current bookkeeper?

Accepted Answer

Yes. We can assist with transitioning from an existing bookkeeping provider. The transition process may include reviewing records, obtaining necessary information, verifying balances, reconciling accounts, and establishing a new bookkeeping workflow. Our goal is to make the transition as smooth as possible.

Question 20

What information do you need to get started?

Accepted Answer

The information required depends on your business and the services requested. Typically, we may require: business information, accounting software access, bank and credit card information, payroll information (if applicable), sales tax information, and prior bookkeeping records (if available). During the onboarding process, we provide a clear list of information required to begin.

Question 21

Can you help a brand-new startup set up bookkeeping from scratch?

Accepted Answer

Yes. We assist startups and new entrepreneurs with bookkeeping setup, accounting software configuration, payroll setup, recordkeeping processes, and compliance preparation. Starting with an organized bookkeeping system can make future reporting, tax filing, and business management much easier.

Question 22

What happens if my business grows?

Accepted Answer

Our services are designed to grow with your business. As your needs change, we can adjust bookkeeping support, payroll services, reporting requirements, compliance assistance, software solutions, and additional accounting services to align with your business growth.

Question 23

Will I still have access to my financial information?

Accepted Answer

Yes. You continue to own and maintain access to your financial information, records, and accounting systems. Our role is to help maintain, organize, and support those records while providing ongoing bookkeeping services.

Question 24

Can you help clean up bookkeeping errors made in the past?

Accepted Answer

Yes. We provide bookkeeping review and cleanup services to help identify missing transactions, reconciliation issues, misclassifications, and other bookkeeping discrepancies. The scope of cleanup work depends on the condition and complexity of the existing records.

Question 25

How do I know if my bookkeeping is accurate?

Accepted Answer

Accurate bookkeeping typically includes: regular reconciliations, organized supporting documentation, up-to-date records, consistent financial reporting, and proper tax and compliance tracking. If you're unsure about the quality of your bookkeeping records, we can review your current processes and identify areas for improvement.

Question 26

Do you prepare corporate tax returns (T2)?

Accepted Answer

Yes. We prepare and file Corporate Income Tax Returns (T2) for incorporated businesses and corporations operating in Canada. Our services can include tax preparation, filing support, review of available deductions, and helping ensure returns are completed accurately and on time.

Question 27

Do you prepare personal tax returns (T1)?

Accepted Answer

Yes. We prepare and file Personal Income Tax Returns (T1) for employees, shareholders, self-employed individuals, investors, retirees, and business owners. The complexity of each return varies depending on the sources of income and reporting requirements.

Question 28

What is a Compilation Engagement?

Accepted Answer

A Compilation Engagement involves preparing financial statements based on information provided by management. These financial statements may be required for lenders, shareholders, business planning, financing applications, or other business purposes.

Question 29

Do I need a Compilation Engagement?

Accepted Answer

Not every business requires one. Compilation Engagements are often useful when financial statements are needed for financing purposes, shareholder reporting, or business planning. The specific requirements depend on your business, stakeholders, and financing obligations.

Question 30

What is the difference between a Compilation Engagement, Review Engagement, and Audit?

Accepted Answer

The level of assurance increases as you move from a Compilation Engagement to a Review Engagement and then to an Audit. The appropriate service depends on the needs of your lenders, investors, stakeholders, regulatory requirements, or business objectives. If you're unsure which service is appropriate, we can help assess your requirements.

Question 31

Can you help with CRA correspondence?

Accepted Answer

Yes. We can assist businesses and individuals with CRA correspondence, information requests, compliance-related inquiries, and general support related to tax matters. The scope of assistance depends on the nature of the CRA request.

Question 32

Can you help if I missed a tax filing deadline?

Accepted Answer

Yes. If a personal tax return, corporate tax return, GST/HST filing, payroll remittance, or other tax obligation has been missed, we can help assess the situation and identify the next steps. Addressing missed filings as early as possible may help reduce future complications.

Question 33

What documents do I need for my tax return?

Accepted Answer

The documents required depend on your situation. Common documents may include: income slips, business records, investment information, expense documentation, prior-year tax returns, and tax-related correspondence. We provide guidance during onboarding to help identify the information required for your return.

Question 34

Do you offer tax planning services?

Accepted Answer

Yes. Tax planning services may help individuals and corporations make informed financial decisions while considering future tax implications. Tax planning is generally most effective when performed throughout the year rather than only during tax season.

Question 35

Do you provide GST/HST filing services?

Accepted Answer

Yes. We assist businesses with GST/HST filing obligations, sales tax tracking, filing preparation, and compliance support. Services can be provided as part of ongoing bookkeeping engagements or separately where appropriate.

Question 36

Can you help with payroll remittances and T-slips?

Accepted Answer

Yes. We can assist with payroll processing, payroll remittances, T4 preparation, T4A preparation, and other payroll-related compliance requirements.

Question 37

What happens if I receive a CRA review request?

Accepted Answer

Receiving a CRA review request does not necessarily mean there is a problem. The CRA may request supporting documentation or additional information regarding specific items filed on a return. We can assist with document organization, information gathering, and responding to CRA requests where appropriate.

Question 38

How early should I start preparing for year-end?

Accepted Answer

The earlier, the better. Maintaining organized records throughout the year often makes year-end preparation more efficient and reduces the likelihood of delays, missing information, or last-minute compliance challenges.

Question 39

Can you prepare year-end working papers for my accountant?

Accepted Answer

Yes. We can assist with the preparation of year-end working papers, reconciliations, supporting schedules, and organized documentation to help facilitate the year-end process. This can help improve efficiency during tax preparation and financial statement preparation.

Question 40

Can you work with my existing accountant or tax professional?

Accepted Answer

Absolutely. Many clients continue working with their existing accountant while engaging us for bookkeeping, payroll, compliance support, reconciliations, and preparation of year-end information. Our goal is to support collaboration and maintain organized financial records.

Question 41

How do I know if I need tax planning?

Accepted Answer

Tax planning may be beneficial if: your business is growing, you are incorporated, you own multiple businesses, you have significant investments, you are considering major financial decisions, or you want to improve long-term tax efficiency. A consultation can help determine whether tax planning services would be beneficial for your situation.

Question 42

Can you help new business owners with tax registration requirements?

Accepted Answer

Yes. We can help guide new business owners regarding bookkeeping setup, sales tax considerations, payroll registration requirements, and other common tax-related obligations that may apply during the early stages of a business.

Question 43

What are the benefits of staying tax-compliant throughout the year?

Accepted Answer

Maintaining compliance throughout the year may help businesses: stay organized, meet filing deadlines, maintain accurate records, reduce administrative stress, improve financial visibility, and prepare more effectively for year-end activities. Compliance is generally easier to maintain consistently than to correct after issues arise.

Question 44

What is a Virtual Accountant?

Accepted Answer

A Virtual Accountant is a remote accounting professional who supports bookkeeping, accounting, payroll, compliance, reporting, and other financial functions without being a full-time employee within your organization. Virtual Accountant services help businesses and accounting firms increase capacity while maintaining flexibility.

Question 45

Why should I outsource instead of hiring an employee?

Accepted Answer

Outsourcing can provide additional capacity without the costs associated with recruiting, salaries, benefits, training, vacation coverage, office space, software licenses, and employee turnover. Many businesses and accounting firms choose virtual support because it allows them to scale resources based on workload and business needs.

Question 46

What can a Junior Virtual Accountant do?

Accepted Answer

A Junior Virtual Accountant typically assists with: data entry, bank reconciliations, accounts payable support, accounts receivable support, payroll management, document organization, and administrative accounting tasks. For a complete comparison, refer to the Virtual Accountant Skill Matrix on our Practice Management Services page.

Question 47

What can an Intermediate Virtual Accountant do?

Accepted Answer

An Intermediate Virtual Accountant may assist with: full-cycle bookkeeping, GST/HST support, payroll processing, month-end procedures, management reporting, catch-up bookkeeping, and preparation of year-end information. This level is often suitable for firms requiring more independent bookkeeping support.

Question 48

What can a Senior Virtual Accountant do?

Accepted Answer

A Senior Virtual Accountant can support more advanced activities such as: full-cycle bookkeeping, year-end bookkeeping cleanup and review, management reporting, working papers preparation, personal tax preparation, corporate tax preparation, compilation engagement preparation, review engagement preparation, and audit engagement preparation. Senior-level support is typically used when additional experience and technical capabilities are required.

Question 49

How do I know which Virtual Accountant level is right for me?

Accepted Answer

The appropriate level depends on: complexity of work, volume of transactions, type of clients served, reporting requirements, level of supervision available, and compliance responsibilities. We can help assess your requirements and recommend an appropriate level of support.

Question 50

Can Virtual Accountants work inside our existing systems?

Accepted Answer

Yes. Virtual Accountants can typically work within your existing accounting, bookkeeping, payroll, document management, and workflow systems where appropriate access is provided. This helps maintain consistency and minimizes disruption to existing processes.

Question 51

Can Virtual Accountants follow our internal procedures?

Accepted Answer

Yes. One advantage of Virtual Accountant services is the ability to work within existing workflows, procedures, policies, and reporting structures established by your business or accounting practice.

Question 52

Can Virtual Accountants help during busy season?

Accepted Answer

Absolutely. Many accounting firms and bookkeeping practices use Virtual Accountant services during peak periods to help manage increased workloads, filing deadlines, year-end activities, and seasonal demand.

Question 53

Do you support bookkeeping firms and CPA firms?

Accepted Answer

Yes. Our Virtual Accountant services are designed to support: bookkeeping firms, accounting practices, CPA firms, consulting firms, and businesses with internal accounting departments.

Question 54

Can Virtual Accountants assist with client bookkeeping files?

Accepted Answer

Yes. Depending on the level of support selected, Virtual Accountants can assist with bookkeeping maintenance, reconciliations, payroll support, working papers, compliance tasks, and related accounting functions.

Question 55

How is confidentiality handled?

Accepted Answer

Protecting confidential business and financial information is extremely important. Access to client information is limited to what is necessary for service delivery, and information should be shared through agreed-upon processes and systems. Specific confidentiality requirements can be discussed during onboarding.

Question 56

Can Virtual Accountants support multiple software platforms?

Accepted Answer

Yes. Our team supports a wide range of accounting, reporting, payroll, and business applications. The software used will depend on your firm's technology environment and business requirements. For additional information, visit our Software Automation & Integration Services page.

Question 57

Can I increase or reduce support as my workload changes?

Accepted Answer

Yes. One of the primary benefits of outsourced support is flexibility. As workloads increase or decrease, support levels can often be adjusted to reflect current needs and business requirements.

Question 58

Will I still maintain control over my clients and processes?

Accepted Answer

Absolutely. You continue to manage client relationships, business decisions, workflows, and operational priorities. Virtual Accountant services are designed to support your team, not replace your leadership or management responsibilities.

Question 59

Can Virtual Accountants support practice growth?

Accepted Answer

Yes. Many firms use Virtual Accountant services to expand capacity, improve turnaround times, support additional clients, and reduce pressure on internal resources. This can help firms grow without immediately increasing permanent staffing levels.

Question 60

How do I get started with Virtual Accountant services?

Accepted Answer

The process typically begins with a consultation to understand: your business or practice, required support level, existing workflows, software environment, and capacity requirements. Based on that information, we can recommend an appropriate support solution.

Question 61

What is the difference between Virtual Accountant Services and Practice Management Advisory Services?

Accepted Answer

Virtual Accountant Services focus on providing operational accounting and bookkeeping support. Practice Management Advisory Services focus on improving firm operations through: workflow improvements, capacity planning, quality-control reviews, compliance reviews, practice management support, and operational efficiency improvements. Many firms use both services together to improve capacity and strengthen internal processes.

Question 62

What is Software Automation & Integration?

Accepted Answer

Software Automation & Integration involves connecting systems, reducing manual processes, improving data flow, and creating more efficient workflows across your business. The goal is to eliminate repetitive tasks, reduce errors, improve visibility, and help teams work more efficiently using connected technology.

Question 63

Do I need to change my accounting software?

Accepted Answer

Not necessarily. Many businesses already have software that can support their needs with proper setup, optimization, and integration. Before recommending any changes, we review your current systems, workflows, reporting requirements, and business objectives.

Question 64

What software do you support?

Accepted Answer

We support a wide range of accounting, payroll, reporting, document management, workflow, e-commerce, and business applications. This includes platforms such as: QuickBooks Online, QuickBooks Desktop, Xero, Sage, Odoo, FreshBooks, Wave, Hubdoc, Dext, Microsoft 365, and many other business applications.

I Need Help With	Recommended Service
Filing my personal tax return	Personal Tax Returns
Filing taxes as a self-employed individual	Self-Employed Tax Returns
Responding to a CRA letter or request	CRA Support
Reducing taxes and planning ahead	Advanced Tax Planning

I Need Help With	Recommended Service
Ongoing bookkeeping and financial records	Bookkeeping Services
Payroll processing or GST/HST filings	Payroll / GST-HST Support
Corporate income tax filing	Corporate Tax & Year-End Services
Financial statements for financing or lenders	Compilation Engagements
Catching up overdue bookkeeping	Bookkeeping Cleanup & Catch-Up Services
Improving financial reporting and visibility	Bookkeeping Services

I Need Help With	Recommended Service
Additional bookkeeping capacity	Virtual Accountant Services
Support during busy season	Virtual Accountant Services
Junior, intermediate, or senior accounting support	Virtual Accountant Services
Workflow reviews and process improvement	Practice Management Advisory
Compliance reviews and quality-control support	Advanced Practice Manager Services
Capacity planning and practice growth	Practice Management Advisory

I Need Help With	Recommended Service
Selecting accounting software	Software Automation & Integration
Connecting multiple business systems	Software Automation & Integration
Automating repetitive processes	Software Automation & Integration
Improving dashboards and reporting	Software Automation & Integration
Moving away from paper-based processes	Software Automation & Integration
Modernizing business operations	Technology Assessment & Optimization

I Need Help With	Recommended Service
Starting a new business	Startup Business Setup
Setting up bookkeeping correctly	Bookkeeping Services
Choosing accounting software	Software Automation & Integration
Understanding tax obligations	Corporate Tax & Year-End Services
Building business systems from day one	Startup Business Setup
Not sure where to begin	Book Free Consultation

Frequently Asked Questions

How Can We Help?

Not Sure Which Service You Need?

Personal Tax & Self-Employed

Business Owners & Corporations

Bookkeeping Firms, Accounting Firms & CPA Practices

Technology & Business Modernization

Startups & New Entrepreneurs

Pricing & Packages

If You Can't Find the Answer, We're Happy To Help